Statistics are very important in B2C marketing since they help marketers identify market trends, measure the success of their campaigns but also the potential of future campaigns. Using statistics, marketers who work in B2C can identify their target audience and its characteristics and based on that they can determine what communication channels are better for achieving their marketing goals and how to adjust their marketing strategy to obtain better results.
Statistics can be used in marketing in different ways and each way has its role in B2C marketing. Since B2C industries are very competitive, creating successful marketing campaigns is an essential part of the marketers’ lives and statistics are that part that can make a huge difference in the end.
The most common use of statistics is as a source of data. This apply to B2C marketing but also to other types of business. In B2C marketing, data statistics allow marketers to determine the potential number of customers in a geographical area, to learn about the income, age and education of their potential customers but also to find out their buying preferences.
Simple data can also be used as an integrated part of a competitor’s analysis to learn about market share, longevity and the trend that determined some of their competitors’ decisions.
Statistics are also used in B2C marketing to measure customer satisfaction and brand loyalty. Using statistics to build a stronger relationship with the customers is common practice in B2C marketing, especially today when there are numerous tracking programs that analyze sale statistics. In order to create a great selling strategy, marketers look at their company’s sales but also at the industry statistics and then they come up with loyalty programs and other strategies that are meant to make the customers loyal to their brand.
Creating customized promotions and cross-selling products is another side of B2C marketing that wouldn’t be the same without statistics. A company can create a loyalty card for their customers to see what type of products each households buys. In this way they are sure their promotions will be well targeted. For example, marketers who work for a supermarket can create loyalty cards to track the products bought by their clients. If a household buys a specific type of product on a regular basis, they can create promotions for that specific audience alone. Knowing this information is also useful for new product launches since it is easier to promote the product directly to people who buy similar products than to try to advertise them to all the supermarket’s clients.
Communication & Marketing Mix Modeling
Statistics are very useful for determining the best communication channels for a B2C brand. Investing in marketing without properly analyzing target audience statistics is a terrible idea. Determining the best communication channels, rating them and determining a specific budget for each channel guarantees return of investment.
Marketing mix modeling (MMM) is a type of statistical analysis that estimates the impact of various marketing tactics and campaigns on sales. This type of statistical analyses is used in B2C marketing to optimize advertising campaigns and promotional tactics. MMM is also used in digital marketing to determine the best tactics for online campaigns.